These numbers are subject to debate, because the Copenhagen agreement was vague about what should actually count as climate finance, says Sarah Colenbrander, director of ODI’s climate and sustainability program. For example, ODI didn’t count private-sector finance that governments helped raise; another widely-cited estimate of commitments by Oxfam is even lower because it doesn’t count loans or anything other than no-strings-attached grants. And Canada, Italy, and Japan have so far not said what they plan to commit after this year, which could change at this weekend’s summit.

The G7 still invests more in fossil fuels than clean energy

Meanwhile, most of these countries continue to pour money into fossil fuels domestically, significantly outweighing their contributions to climate adaptation abroad. According to a June 3 estimate by the advocacy group Oil Change International, G7 countries collectively spent an average of $86 billion annually between 2017-19 on fossil fuels, four times their spending on clean energy. And in their pandemic domestic recovery packages, the G7 and Australia have spent a total of $203 billion on fossil fuels, compared to $164 billion on clean energy, according to Energy Policy Tracker.

All of this is a big problem for the global climate. A June 9 report by the International Energy Agency projects that in order to stay within the Paris Agreement global warming limit of 1.5 degrees Celsius, clean energy investment in developing countries must reach $1 trillion by 2030, from just $150 billion in 2020. Unless the richest countries expect the poorest to pay to clean up their climate mess, the G7 is running out of time to put its money where its mouth is.

📬 Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.